With 2020’s monsoon season dubbed a “nonsoon” and this year’s seasonal storms delivering historic rainfall, Northern Arizona hardly seems like the same place as it was a year ago. Pockets of flooding have caused damage to homes, reported City of Flagstaff Public Affairs Director Jessica Drum, as the city and Coconino County have been working together to address the issues. The hardest hit area was downstream from the Museum Fire scar behind the Museum of Northern Arizona, which the Rio de … [Read more...] about Monsoon Mess
insurance
What to Consider When Assessing Flood Damage
The summer of 2021 in Northern Arizona has been associated with frequent monsoons. The National Weather Service issued multiple flash flood warnings throughout the month of July. It has also noted that, since the Museum Fire that took place in July and August of 2019, there is an increased likelihood of flooding adjacent to the Museum Fire “burn scar.” Portions of East Flagstaff (including Sunnyside, Mt. Elden Estates, Paradise Hills and Grandview) are at risk of flooding as a result of the … [Read more...] about What to Consider When Assessing Flood Damage
Considering Prenuptial Agreements as Marriage Insurance
No one who drives an automobile thinks twice about needing and buying automobile insurance. It’s the law that you must have it and you are fined if you are caught driving without it. Insurance companies have groomed us with slick or funny marketing. After all, who doesn’t know that 15 minutes can save you 15% or more on your car insurance? Yet, the statistical chances that you will use your automobile insurance for a serious motor vehicle accident are actually low. On the other hand, the … [Read more...] about Considering Prenuptial Agreements as Marriage Insurance
Arizona Department Of Insurance Seeks Insurance Extensions For Arizona Customers
The Arizona Department of Insurance is urging insurers across the state to work with Arizonans to ensure their coverage continues, providing much-need support to the individuals, families and businesses facing financial challenges because of COVID-19. “Arizona is working to ensure those facing financial hardship because of COVID-19 get the support they need to get through this,” said Governor Ducey. “We have called on insurers across the state to work with consumers during this health … [Read more...] about Arizona Department Of Insurance Seeks Insurance Extensions For Arizona Customers
Now Is A Great Time To Review Your Insurance
When was the last time your reviewed your homeowners and auto insurance policies? If you’re like most of us, the answer is “when you purchased the policy.” Most of the time, these policies are not being reviewed for a simple reason: you don’t have time. These insurance coverages are ones that we don’t think about until we need them. Life can be so busy with work, school, family, holidays, etc. so unfortunately these coverages get swept under the rug, out of sight, out of mind and until a loss … [Read more...] about Now Is A Great Time To Review Your Insurance
Understanding Mortgage Insurance
If you don’t have 20 percent for a down payment – don’t worry! The high cost of living combined with steep purchase prices proves a challenge for many Flagstaff homebuyers to avoid paying mortgage insurance. What is mortgage Insurance? Mortgage insurance is simply an insurance policy that protects the lender if you default on your mortgage payments. There are two types of mortgage insurance: private mortgage insurance (PMI) and government issued mortgage insurance. The primary government … [Read more...] about Understanding Mortgage Insurance
Looking Ahead with a 2017 Health Insurance Marketplace Preview
During the past 60 days, insurance carriers have had to show their cards in terms of what they will and will not be offering during the annual open enrollment for marketplace individual coverage for next year. Open enrollment for Affordable Care Act (ACA) Marketplace plans begins Nov. 1, and runs through Jan. 31, 2017. This will be here before we know it! For those of us who live in Coconino County, we have one returning insurance carrier: Blue Cross Blue Shield of Arizona (BCSAZ). … [Read more...] about Looking Ahead with a 2017 Health Insurance Marketplace Preview
Tax Deductions for Insurance Premiums
If you are self-employed and paying for medical, dental or long-term care insurance, the CPAs at HintonBurdick want to remind you about a special tax deduction for some insurance premiums paid for you, your spouse, and your dependents. According to Mark Frost, partner with HintonBurdick, “For the tax year 2012, this deduction is no longer allowed on Schedule SE (Form 1040), but can still be taken on Form 1040, line 29.” You must be one of the following to qualify: A self-employed … [Read more...] about Tax Deductions for Insurance Premiums
Long-Term Care: Don’t Wait Until It’s Too Late
Most people learn about long-term care when they or their loved ones are touched by it firsthand. At that point, they have limited options on what they can do to pay for this tremendous expense. So while no one savors talking to their financial advisor about long-term care, you should. Failing to address it in terms of protecting retirement assets leaves you and your family at risk. What would an additional $82,000 of annual expenses do to your family? Or, based on the projected cost of care in … [Read more...] about Long-Term Care: Don’t Wait Until It’s Too Late
A New Trend: “Top One Percent” Shifting Towards Life Insurance
In times of economic uncertainty, new trends always seem to emerge. A recent one that has come to light is the shift toward cash value life insurance for wealthy individuals. One variable that could be attributed to this trend is the perception of a future hike in taxes, which makes this tax-free investment increasingly more attractive to the top tax bracket. Here are some recent facts that I came across that illustrate this new trend: • In 2007, a striking 55 percent of tax-free investment … [Read more...] about A New Trend: “Top One Percent” Shifting Towards Life Insurance
